Net Loss (257,627) (172,101) (23,836)
Net Loss from continuing
operations attributable to
non-controlling interests (13,428) (11,169) (1,547)
Net Loss attributable to BEST
Inc. (244,199) (160,932) (22,289)
--------------------------------- -------------- -------------- ---------
Summary of Unaudited Condensed Consolidated Balance Sheets
(In Thousands)
As of December
31,2023 As of March 31, 2024
RMB RMB US$
--------------------- -------------------- -------------------- -------
Assets
Current Assets
Cash and Cash
Equivalents 425,976 232,923 32,259
Restricted Cash 1,008,318 1,349,705 186,932
Accounts and Notes
Receivables 829,802 750,916 104,001
Inventories 7,794 8,116 1,124
Prepayments and Other
Current Assets 674,100 757,848 104,961
Short--term
Investments 35,888 61,749 8,552
Amounts Due from
Related Parties 60,394 48,916 6,775
Lease Rental
Receivables 47,925 25,234 3,495
Total Current Assets 3,090,197 3,235,407 448,099
Non--current Assets
Property and
Equipment, Net 624,205 594,836 82,384
Intangible Assets,
Net 93,173 91,196 12,631
Long--term
Investments 156,859 156,859 21,725
Goodwill 54,135 54,135 7,498
Non--current Deposits 81,869 52,971 7,336
Other Non--current
Assets 46,913 43,931 6,084
Restricted Cash 812,371 451,431 62,522
Lease Rental
Receivables 314 - -
Operating Lease
Right-of-use Assets 1,293,526 1,216,540 168,488
Total non--current
Assets 3,163,365 2,661,899 368,668
Total Assets 6,253,562 5,897,306 816,767
Liabilities and
Shareholders' Equity
Current Liabilities
Long-term
borrowings-current 721 55 8
Long-term Bank
Loans-current 794,679 956,858 132,523
Convertible Senior
Notes held by
related parties 531,202 106,425 14,740
Convertible Senior
Notes held by third
parties 78 78 11
Short--term Bank
Loans 401,755 459,400 63,626
Accounts and Notes
Payable 1,640,864 1,483,687 205,488
Income Tax Payable 2,777 2,604 361
Customer Advances and
Deposits and
Deferred Revenue 288,184 286,732 39,711
Accrued Expenses and
Other Liabilities 1,091,573 1,057,814 146,506
Financing Lease
Liabilities 418 474 66
Operating Lease
Liabilities 509,450 551,756 76,417
Amounts Due to
Related Parties 1,119 1,196 166
Total Current
Liabilities 5,262,820 4,907,079 679,623
Summary of Unaudited Condensed Consolidated Balance Sheets (Cont'd)
(In Thousands)
As of December 31, 2023 As of March 31, 2024
RMB RMB US$
------------------------ ----------------------- ------------ -----------
Non-current Liabilities
Convertible senior notes
held by related
parties - 425,700 58,959
Operating Lease
Liabilities 876,854 776,519 107,547
Financing Lease
Liabilities 1,231 1,202 166
Other Non--current
Liabilities 22,837 18,009 2,494
Long-term Bank Loans 159,729 133 18
Total Non--current
Liabilities 1,060,651 1,221,563 169,184
Total Liabilities 6,323,471 6,128,642 848,807
Mezzanine Equity:
Convertible
Non-controlling
Interests 191,865 191,865 26,573
Total mezzanine equity 191,865 191,865 26,573
Shareholders' Deficit
Ordinary Shares 25,988 25,988 3,599
Treasury Shares (23,853) (23,853) (3,304)
Additional Paid--In
Capital 19,529,806 19,537,054 2,705,851
Accumulated Deficit (19,749,262) (19,910,194) (2,757,530)
Accumulated Other
Comprehensive Income 119,169 122,595 16,979
BEST Inc. Shareholders'
Deficit (98,152) (248,410) (34,405)
Non-controlling
Interests (163,622) (174,791) (24,208)
Total Shareholders'
Deficit (261,774) (423,201) (58,613)
Total Liabilities,
Mezzanine Equity and
Shareholders'
Deficit 6,253,562 5,897,306 816,767
------------------------ ----------------------- ------------ -----------
Summary of Unaudited Condensed Consolidated Statements of Cash Flows
(In Thousands)
Three Months Ended March 31,
--------------------------------
2023 2024
---------- --------------------
RMB RMB US$
Net cash used in continuing operating
activities (163,187) (138,518) (19,185)
Net cash used in operating activities (163,187) (138,518) (19,185)
Net cash generated from/(used in)
continuing investing activities 683,000 (132,734) (18,383)
Net cash generated from/(used in)
investing activities 683,000 (132,734) (18,383)
Net cash generated from continuing
financing activities 117,619 52,007 7,203
Net cash generated from financing
activities 117,619 52,007 7,203
Exchange Rate Effect on Cash and Cash
Equivalents, and Restricted Cash (13,222) 6,639 919
Net increase/(decrease) in Cash and Cash
Equivalents, and Restricted Cash 624,210 (212,606) (29,446)
Cash and Cash Equivalents, and Restricted
Cash at Beginning of Period 2,478,423 2,246,665 311,160
Cash and Cash Equivalents, and Restricted
Cash at End of Period 3,102,633 2,034,059 281,714
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
For the Company's continuing operations, the table below sets forth a reconciliation of the Company's net loss to EBITDA, adjusted EBITDA and adjusted EBITDA margin for the periods indicated:
Table 3 -- Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
Three Months Ended March 31, 2024
--------------------------------------------------------------------
Supply
(In RMB'000) Freight Chain Global Others Unallocated(10) Total
Net Loss (42,439) (13,438) (100,337) (6,040) (9,847) (172,101)
Add
Depreciation
&
Amortization 18,243 8,602 10,921 54 3,902 41,722
Interest
Expense - - - - 12,445 12,445
Income Tax
Expense - - - 103 - 103
Subtract
Interest
Income - - - - (15,688) (15,688)
EBITDA (24,196) (4,836) (89,416) (5,883) (9,188) (133,519)
Add
Share-based
Compensation
Expenses 1,271 696 265 6 5,010 7,248
Adjusted
EBITDA (22,925) (4,140) (89,151) (5,877) (4,178) (126,271)
Adjusted
EBITDA
Margin (1.87 %) (1.01 %) (31.74 %) (22.04 %) - (6.50 %)
Three Months Ended March 31, 2023
--------------------------------------------------------------
Supply
(In RMB'000) Freight Chain Global Others Unallocated Total
Net Loss (80,238) 376 (111,867) (20,362) (45,536) (257,627)
Add
Depreciation &
Amortization 19,316 8,648 9,232 509 4,952 42,657
Interest Expense - - - - 17,621 17,621
Income Tax
Expense/(Benefit) - - (11) 149 - 138
Subtract
Interest Income - - - - (21,678) (21,678)
EBITDA (60,922) 9,024 (102,646) (19,704) (44,641) (218,889)
Add
Share-based
Compensation
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June 06, 2024 06:00 ET (10:00 GMT)
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